Shiba Inu whales pile up as SHIB prices continue to free fall

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Whales have harvested as many as 10.25 trillion Shiba Inu tokens since last week.
Shiba Inu is forming a bearish flag pattern on the weekly charts.
L2 Shibarium Gas fee token $BONE is in free fall, falling to yearly lows.

Bears are still holding their claws in the cryptocurrency markets and the popular dog currency Shiba Inu (sheep) Among the hardest hit in the altcoin section. As a leading digital asset, Bitcoin (BTC)Tokens in the Shiba Inu ecosystem, which just dropped below the $28,000 price range, are recording historically low values today.

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Bearish weekly charts are absorbing the whales’ attention

Although some great progress in ShepburnJapan’s guard dog-themed security token fell 10.9% in a week. This has led to one of the 100 largest companies Ethereum whales Popular exchange metrics revealed that 10.25 trillion Shiba Inu coins have been minted, while 97% of retail users on Coinbase choose to load onto SHIB rather than sell.

Technically, all four on-chain signals for SHIB are bearish. Red flags indicate a decrease of 1.61% in cash holders; Now only 14% of Sheep holders benefit from this rate. At the time of publication, the dog coin is in circulation At $0.00000904 With a daily decline of 4.4%, according to Queen Gekko.

Shiparium is in progress, developers say

earlier in the day, Tawheed xFund Confirm to the crypto community that mainnet from Cheparium In preparation and will be launched soon. Layer-2 solution for Shiba Inu is set to give more utility to the popular memecoin as well as being ERC-20 based. Ethereum (ETH).

On the other hand, Shiba Inu’s Layer-2 solution for scaling Shibarium will revolve around Bone ShibaSwap (BONE), the mainnet’s gas fee token. Despite the significant decline in the past week and the drop below two major support lines in a row, BONE is among the favorite cryptocurrencies that were taken by the top 100 Ethereum whales.

At the time of publication, BONE At $0.809163according Queen Gekko. Shibarium, the upcoming Tier 2 upgrade, is playing a major role in the growth of Shiba Inu $BONE. Moreover, $BONE has already seen success in recent listings By Huobi and Crypto.Com.

However, the alt coin is rumored to be having trouble getting onto more prominent exchanges. In such a case, $BONE’s smart contract They must be abandoned and re-manufactured before entering the largest cryptocurrency exchanges.

on the flip side

Bone ShibaSwap is showing signs of bullish divergence, with three on-chain signals turning green for Shibarium’s gas fee symbol.
Increased concentration, large transactions and net network growth indicate a demand for $BONE, which has a maximum supply of 250,000,000.